(Yicai Global) June 7 -- Media outlet Zhejiang Daily Digital Culture Group Co. [SHA:600633] will team up with Sinovation Ventures, an early-stage venture capital firm, to set up an artificial intelligence investment fund and cooperate in technological development over the next five years.

The pair will use Zhejiang Daily's big data exchange center to build a trading platform that will increase the value of AI data flow and facilitate the conversion of data assets, the media firm said in a statement yesterday.

The two firms also plan to deploy cloud data centers across the country, offering industry, private and other cloud computing services to complement the big data and add value for users, the statement said.

Sinovation Ventures was founded by Dr. Kai-Fu Lee, who has filled important roles at Apple Inc. [NASDAQ:AAPL], Microsoft Corp. [NASDAQ:MSFT], Google and other recognizable firms. It provides a full range of business incubation services to early-stage startups.